In Holmdel Builder's Association v Holmdel,
121 N.J. 550 (1990), the New Jersey Supreme Court determined that
mandatory development fees are authorized by the Fair Housing Act
of 1985, N.J.S.A. 52:27D-301 et seq., and the State Constitution,
subject to the Council on Affordable Housing developing rules. The
purpose of this article is to establish standards for the collection,
maintenance and expenditure of development fees pursuant to COAH's
rules. Fees collected pursuant to this article shall be used for the
sole purpose of providing low- and moderate-income housing. This section
shall be interpreted within the framework of COAH's rules on development
fees.
As used in this article, the following terms
shall have the meanings indicated:
COAH
The New Jersey Council on Affordable Housing established
under the Fair Housing Act of 1985.
DEVELOPMENT FEES
Money paid by an individual, person, partnership, association,
company or corporation for the improvement of property as permitted
by COAH rules and regulations, N.J.A.C. 5:93-8 et seq.
EQUALIZED ASSESSED VALUE
The value of property determined by the Municipal Tax Assessor
through a process designed to ensure that all property in Oxford is
assessed at the same assessment ratio or ratios required by law. Estimates
at the time of a construction permit may be obtained by the Tax Assessor
utilizing estimates for construction cost. Final equalized assessed
value will be determined at project completion by the Tax Assessor.
This article shall expire if:
A. COAH dismisses or denies the Township's petition for
substantive certification.
B. COAH revokes substantive certification or this article.
C. The substantive certification expires prior to the
Township's filing an adopted housing element with COAH, petitioning
for substantive certification or receiving COAH's approval of this
article.